Gold-related stock ETF: Ping An rises by more than 7%, positioning for the certainty of future external currency over-issuance

Questioning AI · How does the shift in the narrative of gold value revaluation affect investment logic?

The A-share precious metals sector opened sharply higher, with Western Gold hitting the daily limit up in a straight line, and Xiaocheng Technology, Shanjin International, Hunan Silver, Chifeng Gold, Zhaojin Gold, and others rising over 5%. Spot gold increased by 1.30%, trading at $4,709.73 per ounce, then fell to $4,607.84 at 22:06 Beijing time, hitting a daily low, before continuing to rise and reaching a daily high of $4,718.41 near the US stock market close. COMEX gold futures rose by 1.11%, trading at $4,737.80 per ounce, with an intraday trading range of $4,631.90 to $4,745.70. Spot silver increased by 0.28%, at $73.0205 per ounce, having fallen to $69.8233 at 22:19, setting a daily low. COMEX silver futures rose by 0.48%, at $73.195 per ounce. COMEX copper futures were flat at $5.5995 per pound. Spot platinum fell by 0.98%, and spot palladium declined by 0.79%.

According to the latest data from the World Gold Council, in February, global central banks net bought 19 tons of gold, a significant increase from January. Central banks in emerging markets continued their accumulation trend, while Russia and Turkey’s central banks became the main sellers. Industry experts believe that the reductions by a few central banks are more tactical operations and do not change the overall trend of global central bank gold purchases; under the long-term trend of weakening dollar credit, gold remains a solid reserve diversification tool and a credit hedge asset. The short-term correction does not alter the medium- to long-term upward trend, and after overselling, it has medium-term allocation value.

Huaxin Futures analysts believe that the dominant logic of gold is undergoing a structural shift: the previous risk-avoidance narrative centered on geopolitical conflicts and weakening dollar credit is gradually evolving into a “revaluation of non-yielding assets in a high-inflation environment”; against the backdrop of the Federal Reserve’s new chair nominee proposing a “balance sheet reduction + interest rate cuts” policy and the global energy-driven inflationary center rising, the narrative shift of gold’s intrinsic value has quietly begun.

Regarding tracking accuracy, as of April 7, 2026, the Ping An Gold ETF’s tracking error over nearly one month was 0.054%, the highest among comparable funds.

The Ping An Gold ETF closely tracks the CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock Index. This index selects 50 large-cap listed companies involved in gold mining, smelting, and sales from the mainland and Hong Kong markets, reflecting the overall performance of gold industry listed companies in these markets.

Data shows that as of March 31, 2026, the top ten weights of the CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock Index were Zijin Mining, China Gold, Shandong Gold, Chifeng Gold, Shanjin International, Zhaojin Mining, Hunan Gold, Zijin Gold International, Shandong Gold, and Zijin Mining, with the top ten stocks accounting for 63.63% of the total. (The listed stocks are only index components and do not constitute specific recommendations.)

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